India And UAE Trade Going Strong With Speculations Of Trade Crossing $50 Billion by 2027

By: Asia Business Outlook Team | Monday, 01 May 2023

According to a top government official, India's exports to the UAE are expected to exceed USD 50 billion by 2026-27, up from USD 31.3 billion currently, as a result of the countries' free trade agreement.

Commerce Secretary Sunil Barthwal stated that trade between India and the UAE has increased significantly since the trade agreement's implementation on May 1 last year."We are hoping to achieve USD 50 billion in exports by 2026-27," Barthwal told reporters.

The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was signed on February 18, 2022, entered into force on May 1, last year.

In the previous fiscal year, India's exports to the UAE increased by 11.8 percent to USD 31.3 billion, while imports increased by 18.8 percent to USD 53.2 billion.

Former Chairman of the Council for Leather Exports P Aqeel Ahmed stated that the trade agreement is the "most effective that we have seen in recent times."